Bright Horizon Coaching is a professional development business. At the end of its accounting period, December 31, 2021, Bright Horizon Coaching had assets of $620,000 and liabilities of $190,000. Determine the net income (or loss) during 2022, assuming that as of December 31, 2022, assets were $910,000, liabilities were $230,000, and no additional capital stock was issued or dividends paid.

Bright Horizon Coaching is a professional development business. At the end of its accounting period, December 31, 2021, Bright Horizon Coaching had assets of $620,000 and liabilities of $190,000. Determine the net income (or loss) during 2022, assuming that as of December 31, 2022, assets were $910,000, liabilities were $230,000, and no additional capital stock was issued or dividends paid.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

See similar textbooks

Similar questions

The assets and liabilities of Snub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings balance was $10,030 at April 1, 2019, the beginning of the current year. Accounts Payable: $1,620 Accounts Receivable: $8,360 Cash: $27,950 Dividends: $13,130 Equipment: $82,770 Fees Earned: $115,430 Net Income: $ Upon completion of its financial statements for the year ended (and as of) March 31, 2020, Snub Services would report the following amounts: Ending Retained Earnings: $ Land: $58,970 Miscellaneous Expense: $1,960 Office Expense: $6,260 Stock: $98,050 Ending Total Liabilities and Equity: $ Supplies: $3,430 Wage Expense: $22,300
The balance sheet for Aggie Company at December 31, 2021 indicated that total assets were $1,450 and total liabilities were $1,160. At December 31, 2022 total assets had decreased to $1,280. Additional information available for 2022 included the following: Revenues $580 Expenses 370 Dividends 48 Total liabilities on the December 31, 2022 balance sheet were: Select one: O O O O a. $500 b. $452 C. $876 d. $828 e. $1,032
Metlock Corporation has retained earnings of $681,500 at January 1, 2020. Net income during 2020 was $1,434,800, and cash dividends declared and paid during 2020 totaled $81,300. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,800 (net of tax) was charged to maintenance and repairs expense in 2019.
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: b. Calculate the company's net income for 2019. Selling, general, and administrative expenses $ 106,000 Accounts payable 170,000 Research and development expenses 77,000 Loss from discontinued operations, net of tax savings of $8,000 24,000 Provision for income taxes 35,000 Net sales 948,000 Interest expense 97,000 Net cash provided by operations 296,000 Cost of goods sold 521,000
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600
I am looking for the correct answer to this general accounting question with appropriate explanations.
Stone Culture Corporation was organized on January 1, 2020. For its first two years of operations, it reported the following: Net Income for 2020 Net Income for 2021 Dividends for 2020 Dividends for 2021 $ 40,000 45,000 15,000 20,000 125,000 242,000 Total assets at the end of 2020 Total assets at the end of 2021 Required: On the basis of the data given, prepare a statement of retained earnings for both 2020 (its first year of operations) and 2021. Complete this question by entering your answers in the tabs below. 2020 2021 On the basis of the data given, prepare a statement of retained earnings for 2021. STONE CULTURE CORPORATION Statement of Retained Earnings Retained Earnings, January 1, 2021 Retained Earnings, December 31, 2021
The December 31, 2021, balance sheet of Justin's Golf Shop, Incorporated, showed current assets of $1,125 and current liabilities of $925. The December 31, 2022, balance sheet showed current assets of $1,340 and current liabilities of $1,015. What was the company's 2022 change in net working capital, or NWC? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Change in net working capital 4
Sydney Group reports a net income of $50,000 for 2019. At the beginning of 2019, Sydney Group had $230,000 in assets. By the end of 2019, assets had grown to $320,000. What is Sydney Group's 2019 return on assets? General Accounting
Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?
The 2020 balance sheet of Dugan, Incorporated, showed current assets of $3,135 and current liabilities of $1,545. The 2021 balance sheet showed current assets of $3,100 and current liabilities of $1,545. What was the company's 2021 change in net working capital, or NWC? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations.) Change in NWC $
Cardi B reported the following data for her company in 2019: Net Operating Income $61,000 Beginning Operating Assets ??? Ending Operating Assets $540,000 Return on Investment 0.11 Based on the information above, what was the beginning balance of Operating Assets for 2019? Round your answer to the nearest dollar.